Purpose

Dispose of the freehold
interest in Old Manor House at best consideration.

Content

Decision:

1.      
To dispose of the freehold interest in Old Manor
House at best consideration based on the offers set out at
paragraph 6.1 of this report and enter into all agreements
necessary to give effect to this disposal.

2.      
To delegate authority to the Joint Assistant
Director for Assets and Property to consider any objections
received in response to the advert under Section 123 (2A) Local
Government Act 1972, as set out at paragraph
10.2.
Reason(s):

1.      
To generate a capital receipt that will contribute
towards the target to secure £50 million (net) of capital
receipts from the sale of General Fund property assets, as set out
in the Council’s Financial Recovery Plan to reduce Council
debt and achieve a sustainable financial
position.

2.      
To dispose of a liability and remove significant
ongoing costs from future revenue budgets.

3.      
To bring a large, vacant and depreciating asset back
into residential use for the benefit of the Guildford
community.
Other options considered and rejected by the
Executive:
None.
Details of any conflict of interest declared by
the Leader or lead councillors and any dispensation
granted:
None.